General Dynamics Receives $8 Million For Submarine Modernization Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat an $8 million modification to an existing contract for submarine modernization and related work at the submarine base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD).
Under the terms of the modification, Electric Boat will continue to perform non-nuclear submarine modernization and repair services at the Naval Submarine Support Facility at the submarine base. These services include intermediate and depot-level overhaul, repair and modernization activities in support of submarines, the Shippingport floating dry-dock as well as support and service craft.
The contract being modified was initially awarded in October 2001 and has a total potential value of $148.4 million over five years if all options are exercised and funded.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 70,200 people worldwide and had 2004 revenue of $19.2 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation.
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Thursday, April 7, 2005
Press Contact: (860) 433-8556
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